Happy Friday, PLANSPONSOR readers! This week, we learned that Millennials do not have confidence they will be able to save $1 million for retirement; however, Fidelity finds Millennials have record account balances. For those of you responsible for open enrollment at your company, the time is drawing near, and Mercer suggests it may be a good time to also promote retirement plans. In addition, two more self-dealing lawsuits were filed this week. All this and more news in this edition of PLANSPONSOR Weekend.
Mercer experts reviewed open enrollment objectives and recent developments in the health care provider market during a webcast Thursday—suggesting open enrollment can also be a time to address the retirement package.Read more >
The majority of working Millennials, 64%, do not think it will be possible for them to save $1 million—frequently cited as a savings target—over the course of their lifetime, according to the Wells Fargo Millennial Study.Read more >
Fidelity’s latest retirement analysis reveals its customers have increased their 401(k) balances on average and its Millennial account holders are making record savings.Read more >
The case calls out one fund in particular, which it says “was larded with high fees and has suffered from consistently abysmal performance.”Read more >
